Submission deadline: 19 May 2017

Call for Papers

Joint European Central Bank and Magyar Nemzeti Bank research workshop on “Macroprudential instruments: effectiveness and interactions”

10 July 2017, Budapest

In the recent years, policymakers have made significant progress in applying macroprudential instruments, particularly in the banking sector. This invites us to evaluate the effectiveness of macroprudential policies and how the different tools designed to mitigate systemic risks interact with each other. Strong interlinkages between European economies and cross-border banking groups mean that particular care must be taken in the implementation of macroprudential measures. In this complex institutional and legal set-up one of the key challenges is to develop a holistic assessment of the macroprudential stance. This requires both an understanding of whether an instrument is appropriate with respect to a particular systemic risk and an understanding of how the macroprudential instruments applied interact with each other. With the objective of enhancing its assessment of macroprudential policies, the Macroprudential Policy Group (MPPG) of the European Central Bank’s Financial Stability Committee (FSC) is organising its second research workshop entitled “Macroprudential policies: effectiveness and interactions”, to be held in Budapest on 10 July 2017 and hosted by the Magyar Nemzeti Bank.

The workshop aims to facilitate a dialogue between policymakers and researchers in order to better assess the adequacy of macroprudential policies. The workshop will review empirical results, as well as state-of-the-art models and tools currently being developed in academia and policy institutions for the assessment of macroprudential policies. The review is intended to shed further light on possible complementarities, interactions and spillover effects created by the application of macroprudential measures.


We welcome theoretical and empirical contributions on the assessment of the effectiveness of macroprudential instruments as well as on how they interact. Possible topics could, for example, include:

  • How should rules steering macroprudential policy be defined and applied? How should indicators for guiding the activation and calibration of macroprudential instruments be selected and aggregated? What analytical methods (including indicators) can be used for calibrating macroprudential instruments (e.g. for setting the extent of buffers, the levels of (de)activation/accumulation thresholds, and the scope and timing of instruments used)?
  • How can an ex post evaluation of the effectiveness of macroprudential measures best be carried out? Is the effectiveness of macroprudential measures dependent on the time of their deployment (boom/bust)? How can we assess the costs and benefits of macroprudential instruments? What are the main limitations of the macroprudential toolkit in mitigating the risks associated with financial cycles and structural risks?
  • Which instruments are complementary and should be activated jointly to improve their effectiveness? Which instruments can be considered substitutes? What criteria or methods are applied to assess complementarity or substitutability between instruments? In the event of overlap between instruments, what criteria (effectiveness, efficiency, costs/benefits, leakages) should be used to select those most appropriate?
  • What analytical methods can be used to assess leakages and cross-border spillover effects following the application of macroprudential policies? How can the introduction of different macroprudential instruments minimise leakages and unintended consequences (cross-border and cross-sector), so as to maximise the efficiency of the measures?

The above list is not exhaustive, and all submissions related to the topic of the effectiveness of macroprudential instruments and how they interact will be considered for presentation at the workshop.

Keynote speakers and panellists

Reint Gropp (Halle Institute for Economic Research) as keynote speaker – paper “Bank Response to Higher Capital Requirements: Evidence from a Quasi-Natural Experiment” (co-authored with T. Mosk, S. Ongena and C. Wix)

Raphael Auer (Bank for International Settlements) as keynote speaker – “The countercyclical capital buffer and the composition of bank lending” (co-authored with S. Ongena)

Policy Panel: “Exit from the low interest rate environment and related challenges for macroprudential policy”

  • György Matolcsy (Governor of the Magyar Nemzeti Bank)
  • David Aikman (Head of Division in the Bank of England)
  • Gabriel Galati (Senior Policy Advisor in De Nederlandsche Bank)
  • Leonardo Gambacorta (Research Adviser in the Bank for International Settlements)
  • Benjamin Weigert (Director General in the Deutsche Bundesbank)

Invited speakers of other sessions

  • Tomas Garbaravičius (Board member of Lietuvos bankas)
  • John Fell (Deputy Director General in the European Central Bank)

Attending the workshop

The invitation to attend the workshop is extended to:

  • members of the MPPG;
  • members of any department within the European System of Central Banks (ESCB) represented in the substructures of the FSC who are working on topics related to the content of the workshop;
  • members of any EU or international financial institution (e.g. the Bank for International Settlements, the Federal Reserve System and the International Monetary Fund) who are working on topics related to the content of the workshop.

However, owing to restrictions on space, places for non-MPPG attendees will be limited to one participant from each institution (not including those presenting papers).


Submissions are welcome from those within the ESCB and EU or international financial institutions who are working on topics related to the effectiveness of macroprudential policies. Interested authors should submit their papers to The deadline for submitting the extended abstract or completed draft (strongly preferred) of the paper is 18:00 CET on 19 May 2017. Authors of accepted papers will be notified by 5 June 2017.


Travel and accommodation expenses of all attendees, presenters of accepted papers and discussants are to be covered by their own ESCB entity or EU or international financial institution. Costs of participants from academic institutions may be reimbursed by the organisers upon request. No conference fee will be charged.

Organising committee

Susanne Korbmacher (Deutsche Bundesbank)
Aniko Szombati (Magyar Nemzeti Bank)
Katarzyna Budnik (European Central Bank)
Aurea Marques (European Central Bank)
Caterina Mendicino (European Central Bank)